NGX Rebounds by 1.76% as Investors Reaffirm Love for Stocks

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited ended in the green territory on Wednesday with a 1.76 per cent growth inspired by investors’ love for stocks, especially on a day for lovers, Valentine’s Day.

Buying pressure on tech and banking equities supported the growth recorded by the bourse in the midweek session, ensuring that the bulls regained control after losing it a day earlier.

The All-Share Index (ASI) was up by 1,790.58 points yesterday to 103,498.28 points from 101,707.70 points, and the market capitalisation increased by N980 billion to N56.633 trillion from N55.653 trillion.

The sectorial analysis showed that the energy index outshined others after it closed higher by 5.34 per cent, as the consumer goods counter gained 3.99 per cent, and the banking space rose by 2.01 per cent, while the industrial goods and insurance sectors lost 3.54 per cent and 0.25 per cent, respectively.

A look at the price movement chart indicated that Airtel Africa and Unity Bank appreciated by 10.00 per cent each to trade at N2,200.00 and N2.42 apiece. Juli rose by 9.91 per cent to N1.22, FBN Holdings increased by 9.90 per cent to N27.20, and Morison Industries soared by 9.82 per cent to N3.02.

On the flip side, NCR Nigeria, MeCure Industries, and Thomas Wyatt lost 10.00 per cent each to close at N4.32, N9.72, and N2.25, respectively, as Meyer fell by 9.99 per cent to N6.22, and BUA Cement depreciated by 9.91 per cent to N150.00.

Business Post reports that the NGX closed the day with 28 price gainers and 25 price losers, indicating a positive market breadth index and bullish investor sentiment.

Trading activities improved yesterday, as the volume, value, and number of transactions grew by 62.20 per cent, 181.40 per cent, and 0.46 per cent, respectively.

A total of 426.9 million stocks worth N12.1 billion were transacted in 8,654 deals during the session compared with the 263.2 million stocks valued at N4.3 billion traded the previous day in 8,614 deals.

FBN Holdings finished the day as the busiest after it traded 54.6 million equities valued at N1.5 billion, UBA sold 47.7 million stocks for N1.2 billion, Access Holdings transacted 46.1 million shares worth N1.1 billion, Transcorp exchanged 30.7 million equities for N394.9 million, and Nigerian Breweries traded 25.5 million shares valued at N968.7 million.